Financial Planner Cost

Typical costs:

• Certified financial planners generally charge in one of three ways: a fixed or hourly fee for a specific service (called fee-only); no fee but with a commission earned on the products bought; or a combination of a fee for the planning process and commissions on the products bought. The Financial Planning Association provides an overview of how planners charge for their services^[3] , and Invest-FAQ.com describes the biases and potential conflicts^[4] in each of the ways financial planners are compensated.
• Hourly rates can cost $100-$400, depending on location and the planner's qualifications, but average $175 an hour, according to Financial-Advisors.in. New Means Financial Planning, a fee-only service in New Hampshire, estimates that a financial consultation for clients in their 20s and early 30s can cost $540-$900, while a pre-retirement assessment could be $1,080-$1,800, and a comprehensive financial review might run $1,620-$3,960. Minerva Planning Group in Atlanta, Georgia, describes a sample retirement plan^[5] that required seven hours of work at $190 an hour, for a total cost of $1,330. Flat fees (rather than hourly rates) are generally based on an average number of hours of work, and start around $400-$500 for basic financial plans and increase depending on the scope and complexity.
• Commissions range from 1 percent or less on money market accounts and treasury bills, up to 5.5 percent on mutual funds (which translates to $500-$2,375 on a $50,000 investment). Most financial planners will provide a half-hour or hour-long initial interview for free.

• Financial planner services can range from a one-time analysis to ongoing oversight of any investments and other accounts. A financial planner may help with decisions like how large of a monthly mortgage payment a first-time homebuyer can handle without harming other financial areas, when to refinance a house, or deciding when and how to retire. The US Securities and Exchange Commission^[6] provides a brief overview.

• Legally, anyone can call themselves a financial planner. However, several industry groups have credentialing programs; it's possible to search^[7] the Financial Industry Regulatory Authority for an explanation of specific professional designations, such as Certified Financial Planner (CFP).
• Interview several planners to learn more about their skills, training, personality and services. If possible, meet face-to-face. Ask specific questions about their expertise, services included and what the plan will look like when the process is complete. The Financial Planning Association lists questions to ask^[8] . The National Association of Personal Financial Advisors, whose members are all fee-only planners, provides tips and tools^[9] for choosing a financial planner. And MSN.com lists 8 Things a Financial Planner Won't Tell You^[10] .
• Search for local financial planners with the Certified Financial Planner Board of Standards^[11] , Financial Planning Association^[12] or the National Association of Personal Financial Advisors^[13] .
• The financial planner selected will provide a written agreement clearly outlining all the services that will be provided. Keep this document on file for future reference.

1.  www.sec.gov/answers/finplan.htm
2.  www.sec.gov/investor/pubs/invadvisers.htm
3.  www.fpanet.org/FindaPlanner/HowPlannersCharge/
4.  invest-faq.com/articles/fplan-compensation.html
5.  www.minervaplanninggroup.com/sample-financial-plans/
6.  www.sec.gov/answers/finplan.htm
7.  apps.finra.org/DataDirectory/1/prodesignations.aspx
8.  www.fpanet.org/FindaPlanner/ChoosingaPlanner/QuestionstoAsk/
9.  www.napfa.org/tips_tools/index.asp
10.  money.msn.com/retirement/
11.  www.cfp.net/utility/find-a-cfp-professional
12.  www.fpanet.org/PlannerSearch/PlannerSearch.aspx
13.  findanadvisor.napfa.org/Home.aspx

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